Allstate buys National General for $4B

Allstate is buying National General Holdings for $4 billion in cash, expanding the scope of its insurance holdings.

National General shareholders will get $32 per share that they hold, plus closing dividends of about $2.50 per share, for a total of about $34.50 each.

National General had gross premiums of $5.6 billion in 2019, generating operating income of $319 million in 2019 from a range of property-liability coverage including “non-standard” auto insurance.